USD 271 billion consumer spending to shift from cash to cards, digital payments by 2023 in India: Accenture

NEW DELHI: About 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to USD 856.6 billion by 2030, a report by Accenture said on Tuesday.

This rapid shift to digital payments due to the COVID-19 pandemic is urgently increasing the need for banks to modernise their payment systems, the report, titled ‘Playing the Long Game in Payments Modernisation’, said.